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US House Approves Legislation Averting 'Fiscal Cliff'

Dennis Flaherty | Photographer's Choice | Getty Images

The U.S. House of Representatives voted on Tuesday to avert the U.S. "fiscal cliff," sparing most Americans from tax hikes and spending cuts that had threatened to plunge the U.S. economy into recession in 2013.

The measure now moves to President Barack Obama's desk for his signature, which is expected to come quickly. The 257-167 vote, which relied heavily on Democratic votes to win passage, ended hard-fought negotiations over tax rates but leaves many budget issues unresolved before another fiscal deadline in about two months - the need to raise the federal borrowing limit.

This story is developing and will be updated.

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